Hoa Binh achieved all 19 socio-economic development targets last year, surpassing plans and marking a record high in state budget revenue. The province exceeded the Prime Minister's revenue target by 87%, ranking among the top localities that surpass budget revenue projections.
In 2024, private enterprises reported strong revenues, contributing to the significant annual increase in state budget collections. Photo: The Da Hop joint Stock Company invests in the infrastructure of the Tien Tien industrial cluster in Quang Tien commune, Hoa Binh city, making a substantial contribution to the state budget.
Big challenges, great determination
The year 2024 presented significant challenges to local socio-economic management. Extreme weather conditions, including heavy damages from Typhoon Yagi, and policy changes impacted production and business activities. Many investment projects faced delays, and revenue sources declined due to tax, fee, and charge exemptions and reductions.
Internally, although the local investment environment and administrative reforms improved, the provincial competitiveness index remained low. Many unresolved obstacles in investment projects led to weak capital absorption, while the real estate market stagnated, and some sectors continued to face business and production difficulties.
The Government and National Assembly supported citizens and businesses by reducing VAT by 2% through the end of the year, extending tax deadlines, and cutting land and water surface rents. These measures reduced provincial tax revenue by approximately 628 billion VND (24.78 million USD).
Despite these challenges, the entire political system showed determination and significant efforts to meet state budget collection goals.
Exceptional achievements in state budget revenue for 2024
The provincial Tax Department implemented comprehensive measures from the beginning of last year.
The province recovered approximately 1.85 trillion VND in overdue taxes, equivalent to 73% of collectible tax arrears as of December 31, 2023. This included 250 billion VND collected through tax management measures and 1.6 trillion VND recovered via enforcement actions.
According to Vu Hong Long, Director of the provincial Tax Department, the agency prioritised supporting taxpayers, addressing challenges, and ensuring the effective implementation of resolutions aimed at facilitating business recovery and growth.
Also in 2024, the province’s state budget revenue was above 7.55 trillion VND, surpassing the central government’s target by 87% and the provincial People’s Council resolution target by 31%.
Among 17 revenue categories, 14 exceeded projections, with remarkable surpluses in areas such as land use fees (340.1%), dividends (350%), other budget revenue collection categories (328%), land and water lease fees (294.3%), and fees and charges (216.9%).
In addition, local budget revenue collection revenue amounted to over 26.96 trillion VND, up 13% year-on-year and exceeding the Government’s target for the year by 87% and the province’s by 67%. Districts such as Luong Son, Mai Chau, Lac Son, and Kim Boi achieved tax and fee collection rates significantly above their assigned targets, ranging from 145% to 158%. These outcomes reflect a positive recovery across economic sectors and set a strong foundation for further growth in 2025.
Quach Tat Liem, Vice Chairman of the provincial People’s Committee, stressed that the exceptional results played a vital role in the province's socio-economic development. As Hoa Binh approaches the final year of implementing the 17th provincial Party Congress Resolution for the 2020–2025 term, it is committed to fulfilling and exceeding state budget revenue targets.
The steering committee for key projects of Hoa Binh province convened on May 14 to assess the progress of major ongoing developments
A delegation of Hoa Binh province has attended the "Meet Korea 2025" event, recently held by the Ministry of Foreign Affairs, the Embassy of the Republic of Korea (RoK) in Vietnam, the Korea Trade-Investment Promotion Agency, and the People's Committee of Hung Yen province.
Hoa Binh province joined Vietnam’s national "One Commune, One Product” (OCOP) programme in 2019, not simply as a mountainous region following central policy, but with a clear vision to revive the cultural and agricultural values in its villages and crops.
From just 16 certified products in its inaugural year to 158 by early 2025, the One Commune One Product (OCOP) programme in Hoa Binh province has followed a steady and strategic path. But beyond the numbers, it has reawakened local heritage, turning oranges, bamboo shoots, brocade, and herbal remedies into branded, market-ready goods - and, more profoundly, transformed how local communities value and present their own cultural identity.
"Behind every One Commune One Product (OCOP)-starred product lies a quietly operating support system: technical staff, experts, trade fairs, and e-commerce platforms. OCOP cannot go far without forward-looking policy support," affirmed Nguyen Huy Nhuan, Director of the Department of Agriculture and Environment of Hoa Binh province.
The economic landscape of Hoa Binh province continued its impressive upward trajectory through the first four months of 2025, according to a recent report from the provincial Department of Finance. The local authority has directed departments and sectors to keep close tabs on growth scenarios for each quarters and remove bottlenecks, striving to complete the set growth targets.
